IRDA Notifications

ULIP Investments – New Rules

Corporate Law - The investment in Unit Link Insurance Plans (ULIPs) is now all set to be governed by new set rules from the Insurance Regulatory and Development Authority (IRDA), to be incorporated in all ULIPs offered from next month. Accordingly, the three-year lock-in period for all unit-linked products will be increased to five years....

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ULIPS: New Regulatory & Tax Regime

Corporate Law - The tug of regulatory war over unit linked insurance plans (ULIPs) has ended with regulatory regime to be retained with insurance regulatory body (IRDA). The Central Government has promulgated an Ordinance (legislation) to the effect that ULIPs shall be regulated by IRDA only, thus ending the ongoing claims by both regulators- SEBI and I...

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Exposure Draft on Guidelines on Settlement of Personal Accident and Benefit Based Health Insurance Claims in Installments

Corporate Law - In order to examine proposals received for allowing the Insurers to settle claims in installments in respect of personal accident and benefit based products, the Authority constituted a working group vide IRDAI order ref IRDA/HLT/ORD/MISC/171/10/2018 dated 12th October 2018....

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Constitution of Central Database of Licensed Insurance sales persons in India (ENVOY) at IIB – Phase II

Corporate Law - The Insurance Regulator, IRDA of India has come out with another circular in furtherance to its previous Circular No. IRDAI/INT/CIR/CDB/19708/2017 dated 24.8.2017 which laid down the road map for the constitution of a Central Database of all the Licensed Insurance Sales Persons in India at Insurance Information Bureau of India (IIB), wher...

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Exposure Draft on repealing of IRDA (Standard Proposal form for Life Insurance ) Regulations 2013

Corporate Law - Presently life insurers file proposal forms with IRDAI and reviewed under the File and Use procedure at the time of product clearance. The proposal forms are customized by Life Insurers for the specific products and there is no useful purpose served by mandating a uniform proposal form format for all companies and products....

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Exposure Draft Guidelines for Independent Assessment of Statutory Actuarial Valuation

Corporate Law - The insurers carrying out Life, General and Health insurance business need to value their insurance business liability every year by Appointed Actuary of the insurer. This is also applicable to the Reinsurers operating reinsurance business. As per the existing Assets, Liabilities and Solvency Margin Regulations the Appointed Actuaries of ...

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Second Amendment to IRDAI’s (Payment of commission, remuneration or reward to insurance agent or insurance intermediaries) Regulations, 2016

Corporate Law - Attention is drawn to IRDAI’s (Payment of commission, remuneration or reward to insurance agent or insurance intermediaries) Regulations, 2016 notified on 14th December, 2016 in the official gazette....

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Every claim made against an insurance company in respect of a loss, would be a claim within purview of claims “requiring to be paid or settled” under section 64UM(2) of Insurance Act

New India Assurance Co. Ltd. Vs. Union of India (Delhi High Court) - Every claim made against an insurance company in respect of a loss, would be a claim within purview of claims “requiring to be paid or settled” under section 64UM(2) of Insurance Act....

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Insurance company liable to pay compensation till vehicle owner’s name is in register

Pushpa @ Leela & Ors. Vs Shakuntala & Ors. (Supreme Court of India) - The Supreme Court held recently held in the case of Pushpa @ Leela & Ors. Versus Shakuntala & Ors that the insurance company will be liable to pay compensation for road accident death even if the owner had sold the vehicle so long as his name is the official register. The previous owner m...

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Recent Supreme Court Judgment Misinterpreted to Infer That Date Of Rejection of A Claim is Irrelevant

Limitation period means the time within which a person must file his case before a judicial authority for exercising his rights. This period is to be calculated from the date of the cause of action. This term does not have any definition, but it is well settled that “cause of action” is a mixed ...

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Inform status of claim/Policy at various stages of processing: IRDA

Ref: IRDAUCAD/CIR/PPHI/059/04/2019 - (10/04/2019) - Clear and transparent communications play a vital role in servicing of insurance policies and in ensuring that the benefits of insurance policies flow to the beneficiaries in a timely manner. Further, when it comes to claims, there is a need to make available a tracking mechanism for policyholders ...

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IRDA Obligatory Cession Notification for the FY 2019-20

F. No IRDAI/RI/3/154/2019 - (04/04/2019) - INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY OF INDIA NOTIFICATION Hyberabad, the 4th April, 2019 F. No IRDAI/RI/3/154/2019.—In exercise of the powers conferred by Sub-section (2) and (4) of the Section 101A of the Insurance Act, 1938, the Authority, after consultation with the Advisory Committe...

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Exposure Draft on IRDA (Conflict of Interest) Guidelines, 2019

Ref. No: 228/F&A (NL)/COI-DIR/01/2018-19 - (08/03/2019) - Exposure Draft on Insurance Regulatory and Development Authority of India (Conflict of Interest) Guidelines, 2019- The provisions of the Companies Act, 2013 (CA 2013) shows that a company shall not enter into any contract or arrangement with a related party with respect to specific activities withou...

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IRDAI (Insurance Brokers) (First Amendment) Regulations, 2018

Notification No. IRDAI/Reg/2/153/2019 - (21/01/2019) - These Regulations may be called the Insurance Regulatory and Development Authority of India (Insurance Brokers) (First Amendment) Regulations, 2018....

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IRDAI (International Financial Service Centre Insurance Intermediary Offices) Guidelines, 2019

Ref. No: IRDA/RI/GDL/MISC/012/01/2019 - (16/01/2019) - Insurance Regulatory And Development Of India Ref. No: IRDA/RI/GDL/MISC/012/01/2019 Date: 16-01-2019 IRDAI (International Financial Service Centre Insurance Intermediary Offices) Guidelines, 2019 Guidelines Insurance Regulatory and Development Authority of India (International Financial Service Ce...

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Recent Posts in "IRDA Notifications"

Inform status of claim/Policy at various stages of processing: IRDA

Ref: IRDAUCAD/CIR/PPHI/059/04/2019 (10/04/2019)

Clear and transparent communications play a vital role in servicing of insurance policies and in ensuring that the benefits of insurance policies flow to the beneficiaries in a timely manner. Further, when it comes to claims, there is a need to make available a tracking mechanism for policyholders so as to enable them to know the status ...

Read More

IRDA Obligatory Cession Notification for the FY 2019-20

F. No IRDAI/RI/3/154/2019 (04/04/2019)

INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY OF INDIA NOTIFICATION Hyberabad, the 4th April, 2019 F. No IRDAI/RI/3/154/2019.—In exercise of the powers conferred by Sub-section (2) and (4) of the Section 101A of the Insurance Act, 1938, the Authority, after consultation with the Advisory Committee, constituted under section 101B of the...

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Exposure Draft on Guidelines on Settlement of Personal Accident and Benefit Based Health Insurance Claims in Installments

In order to examine proposals received for allowing the Insurers to settle claims in installments in respect of personal accident and benefit based products, the Authority constituted a working group vide IRDAI order ref IRDA/HLT/ORD/MISC/171/10/2018 dated 12th October 2018....

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Posted Under: Corporate Law |

Exposure Draft on IRDA (Conflict of Interest) Guidelines, 2019

Ref. No: 228/F&A (NL)/COI-DIR/01/2018-19 (08/03/2019)

Exposure Draft on Insurance Regulatory and Development Authority of India (Conflict of Interest) Guidelines, 2019- The provisions of the Companies Act, 2013 (CA 2013) shows that a company shall not enter into any contract or arrangement with a related party with respect to specific activities without the specific consent of the Board of D...

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IRDAI (Insurance Brokers) (First Amendment) Regulations, 2018

Notification No. IRDAI/Reg/2/153/2019 (21/01/2019)

These Regulations may be called the Insurance Regulatory and Development Authority of India (Insurance Brokers) (First Amendment) Regulations, 2018....

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IRDAI (International Financial Service Centre Insurance Intermediary Offices) Guidelines, 2019

Ref. No: IRDA/RI/GDL/MISC/012/01/2019 (16/01/2019)

Insurance Regulatory And Development Of India Ref. No: IRDA/RI/GDL/MISC/012/01/2019 Date: 16-01-2019 IRDAI (International Financial Service Centre Insurance Intermediary Offices) Guidelines, 2019 Guidelines Insurance Regulatory and Development Authority of India (International Financial Service Centre Insurance Intermediary Offices) Gui...

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3 Years Third-Party Insurance Cover for Cars & 5 Years for Two Wheelers: IRDA

Ref IRDAI/NUCIR/MOTA31108/2018 (28/08/2018)

Insurance Companies shall carry out the following in respect of Motor Third Party Insurance covers for new cars and new two- wheelers with effect from 1St September, 2018: (i) Offer only three-year Motor Third Party Insurance covers for new cars and five-year motor third party insurance policies for new two-wheelers....

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Constitution of Central Database of Licensed Insurance sales persons in India (ENVOY) at IIB – Phase II

IRDA/INT/CIR/CDB/082/05/2018 (29/ M/ay 2)

The Insurance Regulator, IRDA of India has come out with another circular in furtherance to its previous Circular No. IRDAI/INT/CIR/CDB/19708/2017 dated 24.8.2017 which laid down the road map for the constitution of a Central Database of all the Licensed Insurance Sales Persons in India at Insurance Information Bureau of India (IIB), wher...

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Posted Under: Corporate Law |

List of 24 insurance schemes exempt from GST

IRDA/F&A/CIR/MISC/052/03/2018 (27/03/2018)

Services of general insurance business provided under following schemes is exempted under GST 1. Janashree Bima Yojana 2. Aam Aadmi Bima Yojana 3. Life micro-insurance product as approved by the Insurance Regulatory and Development Authority, having maximum amount of cover of two lakh rupees...

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Linking of Aadhaar with insurance policies

Ref: IRDAI/SDD/CIR/MISC/047/03/2018 (20/03/2018)

For existing insurance policies, the date of linking Aadhaar is extended till the matter is finally heard and the judgment is pronounced by Hon’ble Supreme Court of India....

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